Economics MCQs

Page No. 213

If Hong Kong and Taiwan have identical production possibilities curves that are subject to increasing opportunity costs ?


aTrade would depend on difference in demand conditions

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bTrade would depend on economies of large-scale production

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cTrade would depend on the use of different currencies

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dThere would be no basis for gainful trade

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With international trade, what would be the maximum number of DVDs that Japan would be willing to export to South Korea in exchange for each ton of steel ?


a One DVD

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bTwo DVDs

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c Three DVDs

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dFour DVDs

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View Answer One DVD

With International trade, what would be the maximum amount of steel that South Korea would be willing to export to Japan in exchange for each DVD ?


aOne-half ton of steel

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bOne ton of steel

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c Two tons of steel

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dTwo and one-half tons of steel

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View Answer Two tons of steel

According to the Principle of absolute advantage Japan should ?


aExport steel

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bExport DVDs

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cExports steel and DVDs

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dThere is no basis for gainful specialization and trade

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The opportunity cost of one DVD in Japan is ?


aOne ton of steel

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bTwo tons of steel

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cThree tons of steel

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d Four tons of steel

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View Answer One ton of steel

Which of the following could be considered critical s in development economics ?


aHow do the poorest 2/3 of the world live?

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bWhat are the major theories of economic development

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c what factors affect labor skills in the third world?

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dAll of the above are correct

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In which of the following countries would you expect material lifestyles to be most like those in the United States ?


aNigeria

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bJapan

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cIndia

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dMali

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View Answer Japan

The poorest region of the World is ?


athe Middle East

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bSub Saharan Africa

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cAsia

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dLatin America

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View Answer Sub Saharan Africa

Which of the following countries are not newly industrialized countries (NICs) ?


aTaiwan

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bNorth Korea

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cSingapore

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d Hong kong

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View Answer North Korea

Which of the following characteristics are most likely found in developing countries ?


ahigh population growth rates

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b large number of people living in poverty

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c very traditional methods of agricultural production

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d All of the above

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View Answer All of the above

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